Home Business NewsBusinessAviation News Why the government could not rescue Thomas Cook

Why the government could not rescue Thomas Cook

by LLB Editor
23rd Sep 19 7:59 am

Transport Secretary Grant Shapps has said that a government-backed bailout of Thomas Cook “was not really a goer.”

Shapps told ITV’s Good Morning Britain, “The company were asking for up to £250m. They needed about £900m on top of that and they’ve got debts of £1.7bn, so they idea of just spending taxpayers’ money on that just wasn’t really a goer.”

He added, “I think the problem of putting money into it – apart from the fact governments don’t usually go around investing in travel companies – is that it may have just stretched things out for a couple of weeks and we could have been exactly where we started.”

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